Verge (XVG) Coin is on the verge of pumping 218% on a bullish setup

Key Verge Takeaways:

• Verge could see big gains in 2022, based on bullish Pennant setup.
• A crypto analyst predicts a 8,300% surge for Verge’s native token XVG, citing a Cup and Handle pattern.

YEREVAN (CoinChapter.com) – Verge, the privacy-focused cryptocurrency, has surged 62% in the previous week, briefly peaking at a month high of $0.037. However, the technical analysis suggests a continuation of the rally by another 218% in the Q4 2021-Q1 2022. The prediction is based on a bullish setup dubbed the Pennant.

In detail, bullish Pennants occur after a rally, when the price is coiling, preparing for a new leg up. It consists of two converging trendlines that enclose the price action while lowering the price swing as the formation progresses. The Pennant predicts an uptrend equal to the rally preceding it once the digital asset exhausts the pattern.

According to the technicals, the target price for Verge (XVG) is $0.105, which constitutes a 218% uptrend from the current price. It is noteworthy that XVG already broke out of the pattern compliant with the prediction.

Also read: Two reasons why Verge (XVG) could explode higher: Golden Cross and Halving

XVG’s relative strength index (RSI; purple graph at the bottom) stood at 76, meaning the indicator charted through the overbought territory. In detail, the RSI is a momentum indicator. When it rises above 70, the traders might pull their bets, citing the unreasonably high price and expecting a decline. As of publication, Verge’s position does look bullish; however, a temporary setback is possible.

Crypto Analyst Agrees With The XVG Coin Bullish Prognosis

Dave the Wave, a crypto analyst with a substantial following, commented on the digital asset’s progress, claiming an 8,300% rally is underway.

In addition to the tweet presented above, the analyst posted a chart with XVG in a bullish formation called the Cup and Handle. It could bring Verge’s price to $2.00. In detail, the Cup and Handle formation features a bowl-shaped, rounded bottom (Cup) and a short-term decline in a channel dubbed the Handle. The pattern predicts gains equal to the depth of the Cup after XVG exhausted the formation.

Moreover, social intelligence platform Lunar Crush named XVG coin the crypto of the day on Nov 12, as the token buzzed on social media.

Also read: Bitcoin consolidating within $58K-$68K — will Taproot unleash BTC bulls?

Additionally, the Verge coin project collaborated with crypto broker app Sevenb. The app offers users to buy XVG in several fiat currencies, including USD, EUR, GBP, AUD, CAD, RUB, and INR.